I am curious as to how buy side ER compares to sell side ER? Are the day-to-day task similar? I have a good feel for sell side activities. Do buy side analysts/associates still prepare formal research reports, follow earnings calls, follow one sector, etc? I am also interested in a “day of the life” Is the pre-market open start time still the norm? Are 12 hour days pretty standard? Thanks!
it’s similar, but there is almost always less writing on the buy side (i.e., you are not producing reports for your clients). sell side analysts like to think that the buy side lives and dies by our models, but they really don’t, so a buyside analyst job is essentially the same (follow companies and model), ex the large writing portion (there is some writing, just not a lot). 12 (or more) hour days are standard at most firms, but it varies. Pre-market start depends on the firm. The sell side firm I work for has a buyside operation and I know the PMs don’t get in until 9-10 on most days. It’s a buy and hold strategy, so there isn’t really a need for them to be here to get the latest tidbit of news. A more trading focused shop would have an earlier start time.
Thanks, that was helpfull - Are associates (or whatever you want to call post MBA) usually hired straight out of B-school? Do many pre-MBA analysts complete MBA part time while working in ER? I’m guessing the norm is to leave for a full-time program.
asdffdsa Wrote: ------------------------------------------------------- > A more trading focused shop > would have an earlier start time. Would you mind shedding some light on what the early morning schedule is like in some of the more active shops? I understand there are usually meetings or calls around 7am-8am, but what goes on? Digesting international news from overnight? Reviewing fresh research reports that were delivered that morning?
Its much harder to qualitatively discuss a buy-side position because of such different cultures and strategies within the buy-side world. I work at a buyside shop with a long-term holding horizon (turnover is like 25%) so we trade very few times other than to raise cash. As a result, analysts don’t focus on day to day news and mostly follow long term economic trends. Our firm’s analysts work probably 9~10 hrs a day with no work on weekends. PM’s work from 9~5:30. We write formal research reports, but they’re probably 5~8 pages as opposed to the 40+ page initiation from the sell-side. We listen to calls, visit management, read trade journals, etc etc.
Thanks Kevin